The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-06-16
ONE OF THE BIG FIRMS RAMMED
AND SUNK
lust WHEN TT THOUGHT TO WEATHER
THE STORM.
Eight Others Go Down In the Board OF Trade cy-
cione-Two Days Of Excitement Among
Chicago Grain Spectators.

q Co. will pull through and that the
dozen of big failures that were imminent
will be averted. Joe Wiltshire, of Gin
cinnati, the headsand front of the wheat
clique, with a number of friends Is in
town with a pot of money to back up
Kershaw 1t is said the Cincinnati
crowd will insist, before putting up, that
the Kershaw trades be reinstated. This
Eggleston, Kershaws partner, is able to
do himself if he chooses. kershaw said
just before the opening Of the board this
morning: II will pay any differences
to-day and margins to the market.
Wiltshire said '.Kershaw has the money
and will go through to-day all right.
ANXIOUS TRADERS THAT NIGHT.
There were many anxious commits
sion men in the vicinity of the Board of
Trade last night. Their offices were
lighted and they and their clerks worked
at their books until long after midnight.
The sight presented in the neighborhood
was an unusual one, as every office
building there was lighted from top to
bottom. Even the casual observer
would have suspected something was
finding the commission men who
had been caught in the great
break of few hours before and
less trouble in prevailing upon them
to talk. The universal opinion was that
every thing hinged upon Kershaw's abil-
ity to meet the demand for margins, and
that unless he did so his failure would
carry down from thirty to fifty houses.
There were some few who thought that
if Armour and Hutchinson, and two or
three of the other ''big ones," came for
ward this morning and helped to sustain
the market that veritable panic could
be averted, but even they claimed that a
great deal depended on Mr.. Kershaw.
FORTUNES LOST AND WON.
What fortunes We're lost and won dur
ing the day no one can accurately es-
innate. 1t Is estimated that not less
than 100, ,OO0, 900 bushels were traded in
during the day, representing an average
loss or gain of seven to eight cents a
bushel, an aggregate of 81 1000, 900 to $s,-
1000. There was a loss of over ST.
500, 900 in cash wheat alone besides the
shrinkage on futures. One bear who
sold largely early in the day and bought
at the close is credited with clearing
$3.50, 900 ON the days operations. The
crowd of big bear scalpers made not less
than 81 ,00O,0O altogether during the
day.
GOOD EFFECT OF THE BREAK.
President Wright of the Board of
Trade said to a reporter: 1.-THE effect of
the break will be to clear the atmosphere
so that commerce can go on in it's accus-
toned grooves. The tendency is to
equalize this with the other markets of
the world, and put stocks in their legiti-
mate channels. The actual result, of
course, is rather serious one, but hope
in fact have no reason to apprehend-
anything further
a prominent broker said: 1.-The mar
ket is now back in its nominal condition
and is not subject to any abnormal infiu-
ence. don't think we will have any
more cliques for awhile, yet as the noe
just Collapsed has bitten off more than it
cou..d chew and the lesson won't be for
gotten soon. The lesson, of course, is a
serious one, but it will soon be all right
again. The deal was undoubtedly the
largest one ever run in Chicago, and
there was more wheat bought than ever
before. do not apprehend any serious
break from the present prices, as the
market is now down to level with the
other markets."
p. ID. Armour, when asked what eff
f.a.,t tho manic xrnnII hava ON iaI
affairs, said:
None whatever In week from now
you won't known there was a wheat
deal or a coffee deal either. The atmos-
phere will be all cleared up in less than a
week from now. All the losses were
made some time ago. Wheat was mar
gined up to nearly its value if not quite
and the banks We're all amply secured.
don't look upon this break as any great
calamity at all. Whatever wheat there
is is wanted for export and it will bring
as good prices. if not better than before
the break. Wheat at 10 cents a bushel is
better than gold dollars at 30 cents. You
see the people abroad want the stuff and
they are going to have it, 1t is a good
thing that this break came when it did
Most everybody expected it and as soon
as the furry is over believe that it will
make money easier"
THE OPENING.
There was an enormous crowd on tn e
floor and in the galleries of the Board of
Trade long before the opening hour. this
morning When the bell sounded at
$50 roar went up, and the days ses-
sion began. The first sales of wheat
were at 754 cents for June, and rs cents
for July, which was an advance of &c.
and &c. respectively. Soon after the open
ing President Wright announced the sus-
pension of three small firms-J. III. Toust,
b. j. McCleary, and S. c. Orr. The sus-
pension of these firms did not cause any
excitement, as they We're in no way
identified with the clique. At 10 O'Clock
the price was III cents for June, and soi
cents for July. The suspension of Pick
ering & Co., another small firm, was
announced shortly after II o'clock
WILTSHIRE PRODUCES THE MONEY.
There was a sensational and dramatic
council at the American Exchange
National Bank this morning. 1t began
at O'Clock and settled the fate of to-
days market There We're present Joe
Wiltshire, of Cincinnati, a middle sized